Former Co-op Bank chief

Former Co-op Bank chief executive Neville Richardson’s left the bank in 2011 with a package worth £4.6 million, including a £1.4 million payment for ‘loss of office’, and the same amount as ‘compensation’ for leaving.The downgrade was mainly based on the deterioration in the performance of the loan portfolios the Co-op Bank acquired with its takeover of the Britannia Building Society in 2009 when Richardson was chief executive of the Britannia at the time of the deal. The Co-op Bank is among the lenders to have brought in so-called “malus” clauses for its staff to allow it to claw back pay from current and former staff if it is discovered that the lender’s performance at the time the pay was granted was based on taking positions that subsequently soured. We’ll see if they have much luck in reclaiming it. I’m sure lawyers will have a field-day.  I’m very ethical – i always use the Co-op for cremating my family’s dead.